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Money Laundering
Hong Kong banks investigated by HKMA over money laundering breaches
The South China Morning Post (China), June 16, 2014
By Toh Han Shih
The Hong Kong Monetary Authority is investigating several financial institutions, including at least one bank, for possible criminal breaches of the city’s anti-money-laundering laws.
The investigations are the first to be made since the strict Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance, better known as AMLO, was enacted more than two years ago.
RBI tightens money laundering rules
The Economic Times (India), June 14, 2014
By Atmadip Ray
Reserve Bank of India has tightened the money laundering rules for money transfer companies and has empowered their designated directors to penalise offerders who failed to comply with the Prevention of Money Laundering Act, 2002.
The regulator has directed these companies to nominate a director on their for this purpose. The directors can issue directive and seek reports from reporting entities time to time and can penalise them if they failed to comply with the rules.
Terrorist Financing
How an arrest in Iraq revealed Isis’s $2bn jihadist network
The Guardian (UK), June 15, 2014
By Martin Chulov
Two days before Mosul fell to the Islamic insurgent group Isis (the Islamic State in Iraq and the Levant), Iraqi commanders stood eyeballing its most trusted messenger. The man, known within the extremist group as Abu Hajjar, had finally cracked after a fortnight of interrogation and given up the head of Isis’s military council.
“He said to us, ‘you don’t realise what you have done’,” an intelligence official recalled. “Then he said: ‘Mosul will be an inferno this week’.’
Corruption
Financial corruption on rise in Saudi Arabia: Report
PressTV (Iran), Jun 17, 2014
According to a recent report by the London-based Al-Hayat newspaper, nearly 500 cases of money laundering and corruption have been reported in Saudi Arabia in the past two years.
The report said the Saudi Interior Ministry had investigated more than 180 of such cases this year and over 300 others in 2013.
Donors slash Mozambique aid over corruption claims
The Mail and Guardian (Africa), June 14, 2014
The group of donors who contribute aid directly to the Southern African nation’s coffers pledged $275-million in aid this week – down from $309-million last year.
Norway decided to stop its commitment altogether, joining Belgium, the Netherlands and Spain who all pulled out from direct budget support recently.
Financial Transparency
‘Govt to ensure transparency in finances of panchayats’
Hindustan Times (India), June 17, 2014
The Punjab government has drawn up a comprehensive programme to ensure transparency in the funding system and audit of past three years of panchayats, said rural development and panchayat minister, Sikandar Singh Maluka, while addressing a press conference in SAS Nagar on Monday.
Maluka added: “The department has already given final touches to the proposals of e-panchayats to bring transparency in the functioning of panchayats. The state government has already ordered digital mapping of villages to save the panchayat lands from illegal encroachment.”
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